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Home / Business

Property trust explores merger, liquidation

NZPA
13 Oct, 2008 11:30 PMQuick Read

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KEY POINTS:

The manager of listed National Property Trust says discussions have started with several parties as a possible merger of property portfolios is considered.

Kevin Podmore, chairman of manager National Property Trust Ltd (NPTL), today said several options were being explored, ranging from a merger or capital-raising through to
a liquidation of the trust.

The moves follow a strategic review.

PricewaterhouseCoopers had been engaged to prepare a report on the value of the property portfolio in the current market under a liquidation scenario, NPTL said.

The report was commissioned as a result of feedback received at the most recent unit holder meeting.

Mr Podmore said the intention of the strategic review was to consider the best option for the trust and its investors.

"Having consideration for the current market conditions is important, and any initiatives considered will ensure the trust's finances and solid portfolio of assets are maintained," he said.

NPTL said the trust had more than $280 million of commercial, retail and industrial properties in Auckland, Napier, Tauranga, Wellington and Christchurch.

Units in NPT last traded at 44c yesterday, down from a year high of 67c last November.

- NZPA

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